Supplementary Agreement to Contractual Management Agreement between An’kang Longevity Pharmaceutical Group Chain Co., Ltd. and Qiu Haiyin
An’kang Longevity Pharmaceutical Group Chain Co., Ltd. and Qiu Haiyin have signed a supplementary agreement to their original management contract. The new agreement reduces the management fees for the second year from 50,000 yuan to 40,000 yuan, and for each year after the third year from 60,000 yuan to 50,000 yuan. It also clarifies that Qiu Haiyin will collect management fees from new franchises, with a portion remitted to the company. All other terms from the original March 1, 2013 agreement remain unchanged. This supplement was signed on February 28, 2014.
Exhibit 10.59
Summary Translation of Supplementary Agreement to the Contractual Management Agreement
Party A: An’kang Longevity Pharmaceutical Group Chain Co., Ltd.
Party B: Qiu Haiyin
1. In the original Agreement it says: During the contractual period, Party B shall pay Party A 30,000 yuan in the first year as management fee, 50,000 yuan in the second year and 60,000 yuan each year after the third year. In this supplementary agreement , the 50,000 yuan in the second year shall be reduced to 40,000 yuan and 60,000 yuan each year after the third year will be reduced to 50,000 yuan.
2. Management fee of any newly added franchises will be collected by Qiu Haiyin (2000.00 yuan/year); 40,000 of those management fee will be submitted to the Longevity Pharmaceutical Group Chain Ltd. along with the contractual fee. (the Chinese language in this article was not clear).
3. All other articles in the original Agreement signed on March 1, 2013 remains unchanged.
This Supplementary Agreement was signed on February 28, 2014.
